Overspending, quick fixes, conspicuous consumption, frugal things and SMART goals.
The Simple Dollar — Drew draws parallels between overeating and overspending after reading “The Hungry Brain” — a book about obesity. He says, people basically understand what a healthy diet is and what a solid financial plan constitutes, yet “millions of people still find themselves overweight or in debt, or both.”
He breaks the post down into five parts. The first part: Cheap calories and easy credit” compares the quick fix people find in fast food and “the access to a lot of money” (or at least spending power), through credit card use. I enjoyed this post, give it a read.
Super Money — We love immediate satisfaction. These quick fix tips may not immediately fix your credit score but they work. The first way is obvious: Pay down your credit card.
How much debt we owe compared to our credit limits impacts our score. For example, Ben says, “if you have a card with a $5,000 balance and a $10,000 limit, your credit utilization rate for that card is 50 percent.” You should keep that rate at 30 percent. Check out his other quick fixes.
Mr. Money Mustache — The Mustachian troupe believe in living with bare bones basics. For example, if you don’t need your car, sell it. But you can’t live bare bones unless you’re honest with yourself, says this guest writer and Mustache fan, Mr. Frugal Toque.
He wasn’t always honest with himself until he adopted “conspicuous consumption.” And once he did, he realized he was lying to himself. As a result, he made all his consumption or expenses, conspicuous. I won’t explain — read the post and you’ll understand.
Living on the Cheap — Crystal says people choose the frugal lifestyle for different reasons, but they have two things in common, “they all know that every penny counts and they know where all their pennies are going.”
One thing I liked and practice: “Aren’t married to brands.” I check out the ingredients between different brands and I look at the price and weight. If a lesser “brand” offers the same value, I choose it over the “major” brand.
Free from Broke — Glen points out that people who set goals or resolutions don’t have sufficient willpower. So they fail. But if you add a proven system to the mix, you may succeed. He recommends the SMART system: Specific, Measurable, Attainable, Relevant and Time.
For Specific, he says too many people say things like, “I’m going to lose weight.” They’re not specific so they don’t really know what their goal is. The same is true for finances when someone says “I’m paying off my debt.” Read this post. Good stuff.
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Article last modified on July 9, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: This Week Around The Web - AMP.